BIPC To Take Benue GDP From N4.811bn to N7.288bn

Benue Investment and Property Company Limited, says the company has initiated a move in line with the vision of Governor Hyacinth Alia to formulate projects that will stimulate the economy and improve the GDP from $5.4 million (N4.811billion) to $8 million (N7.288 billion) for the state.

The Managing Director of the company BIPC, Dr Asemakaha disclosed this at a press conference held at BIPC Guest House in Makurdi the Benue state capital.

He said the company had already initiated discussions with the state government to transfer moribund industries and other properties to the company to ensure proper management on behalf of the state.

He noted that BIPC Limited desires to consolidate the non-performing assets of the company in Abuja and Kaduna to ensure that moribund industries in the state are revamped thereby creating employment and curtailing post-harvest losses.

He stressed that the company would soon launch Benue Palm Oil, to explore the opportunities in the palm product.

“You will agree with me that palm oil is being imported into the country, and today, because of the global economic crisis and the blocking of the Red Sea, it’s becoming increasingly difficult to get the product here.

“As a matter of urgency, we plan to set up a palm plantation in each zone of the state to start a palm plantation

“In a few years to come, it will provide raw materials for the plant with surpluses exported. As such, our real estate and investment department has commenced work on 10 out of the 23 hectares of land the company has in Abinsi, Guma LGA area of the state, for the palm plantation project.”

The MD said the remaining 13 hectares of land at Abinsi would be used for a low-income earners’ Estate in the state.

“This too, I have directed the real estate department to work so we could have something for our people, even for those who earn as little as N500,000, our amortisation policy will permit such low-income earners’ to also have homes.”

Dr. Asemakaha expressed reservations over the financial impropriety discovered at the company’s Fountain Estate in Nyorgyungu, Makurdi, noting that although laudable as the project is, many financial impropriety issues marred it.

“For instance, over N700 million was disbursed for the project, yet when I took over, only 16 out of the 30 units were completed.

“It’s rather disheartening that even though the company had agreed to execute the project on direct labour, it was rather unfortunate that a contractor was engaged without award papers

“We observed sadly that the project was not completed, and we will do everything to ensure that  it’s completed.”

He appreciated the Governor for finding him worthy to serve as the MD of the company, pledging to bring his wealth of experience, expertise, and knowledge to uplift the company to enviable heights.

Edited By Shakirah Alabi